The Institute for Supply Management's manufacturing report was released today and the ISM's headline for the report seems to suggest things are pretty good:
New Orders, Production, Employment Grow Inventories Rise Supplier Deliveries Slower
According to the ISM press release (www.ism.ws/ISMReport/ROB092004.cfm):
Economic activity in the manufacturing sector grew in August for the 15th consecutive month, while the overall economy grew for the 34th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®.
The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee and group director, strategic sourcing and procurement, Georgia-Pacific Corporation. "The rate of growth in the manufacturing sector decelerated during August, but overall the sector is still quite positive as both new orders and production remain at high levels. August's PMI at 59 percent represents the end of a period of nine consecutive months when the PMI was at 60 percent or higher....
"August was another good month for the manufacturing sector. While the near-term outlook remains positive, both the Inventories and Customers' Inventories Indexes show signs of inventory building. Such a build may be justified if it is to meet additional sales demand, and if new orders and production remain strong," said Ore.
If this is good news, though, you'd be hard-pressed to tell from the headline writers in the business press. Here's the headline of the story at CNNMoney (money.cnn.com/2004/09/01/news/economy/ism/index.htm):
Manufacturing growth slows
Key index fell in August but still points to growth; employment reading sluggish; prices jumped.
Reuters decides on a kinder gentler verb (www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=6126800):
U.S. Factory Growth Eases
But the prize for pessimistic spin goes to MSNBC News (www.msnbc.msn.com/id/3032072/?ta=y):
Maybe they're just economic girlie-men.